Himalayn News Service

Doha, June 17:

Sets up $40m fund.

Leaders from the Group of 77 (G77) have established a fund with an initial corpus of $40 million to help developing countries fight poverty and pursue development strategies, reports Xinhua. Wrapping up a two-day long summit here yesterday, the G-77 called for greater south-south cooperation and urged rich nations to boost aid. The Doha Declaration and a plan of action were approved at the closing session, which stressed more cooperation between developing countries to eradicate poverty and achieve progress. Qatar’s permanent UN ambassador Naser Abdel-Aziz Al-Nasir said the final statement gave top priority to development-related issues, including south-south cooperation, fight against poverty and hunger as well as the promotion of education. Participants in the summit agreed to establish the Qatar-based development fund (DF), which has attracted some $40 million in donations.

Qatar pledged $20 million to the ‘South Fund for Development and Human Circumstances’.

The fund will have a board consisting of representatives from seven rich countries of the G77, the official said, adding the board members will not need the assistance of the fund and their work will be transparent.

“The grouping that also included China called on rich nations to ‘urgently meet the internationally agreed Official Development Assistance (ODA) target of 0.7 per cent of donor countries’ Gross National Product (GNP),” the statement said. The action plan stressed on enhancing cooperation among member states and urged the G77 members to adopt measures and policies suitable to their own national interests and priorities to achieve development. It also acknowledged that total reliance on market mechanism was insufficient to meet the challenges of development in the age of globalisation. The second summit of the Group of 77 (G77)plus China, also known as the second South Summit, kicked off here on Wednesday, and was attended by 32 heads of state in addition to prime ministers, foreign ministers and senior officials of over 130 member states.